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Analysis: Recently, almost all Bitcoin flowing into CEX comes from active Wallets and short-term traders.

On November 19, according to CryptoOnchain's analysis of the Day-One Dominance of Bitcoin on CEX, it reveals a remarkable structural trend of this world's largest crypto assets trading platform. DOD measures the percentage of Bitcoin flowing in for less than a day out of the total inflow, reflecting how much of the funds flowing into CEX are active “hot money” in the market. The data shows that this indicator soared from about 70% in 2022, breaking the 90% mark in early 2025, and recently reached a historic high of nearly 100% (99.9%). This significant rise indicates that almost all Bitcoin flowing into CEX comes from active Wallets and short-term traders, rather than long-term holders' dumping. This highlights two key points: Trading center: CEX has consolidated its position more than ever as the main battleground for day traders, short-term traders, and high-frequency trading (HFT) algorithms. Speculation-driven: This trend, synchronized with the rise in Bitcoin prices, indicates that recent fluctuations are mainly driven by short-term speculative funds, rather than the selling pressure from established investors.

BTC-3.67%
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